The rise in demand for apartments has made some of the nation’s largest public home builders allocate resources to building multi-family housing. “There is always a need for construction of multi-family, and it has always been an important part of the housing picture,” says Stuart Miller, CEO of Miami-based Lennar. Lennar currently has a development pipeline of over a billion dollars earmarked for multi-family and plans to build over 6500 units.

“This increase in new construction is congruous with the strength in market fundamentals – strong performance is serving as a catalyst for new development,” said Ryan Severino of Reis Inc.